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Common law and economics - Case Study Example

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This is unlike common law whose facts do not change as decisions are made from a distinct basis. Besides, in a common law proceeding, a trial is usually a unique hearing lasting for a comparatively short period. On the other hand, common law proceedings occur as investigation of facts that rely upon a pleading file. Cigarettes are harmful products to individuals’ lives. In addition, they are highly addictive products. This means that consumers cannot easily develop the initiative to stop the consumption of cigarettes. The government has a stream of policies that it enacts to eliminate the consumption of cigarettes among citizens. In this sense, it introduces a disincentive in the form of a tax. A tax increases the price of a good. The higher price, therefore, reduces demand of cigarettes. Vaccination is a program that ensures the population stays healthy. However, citizens cannot easily develop the initiative to vaccinate children because there are no immediate observable benefits of the same. Furthermore, having unvaccinated children in a country may complicate the health of future generations. Education is an expensive process for the government. The government strives to cut down on the costs of education by incentivizing college students to tutor low-income children. In this sense, it bridges the gap of education between students from low-income families and students from rich families. Pollution is a factor that creates a negative externality in an economy.

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Summary

Common law is law that judges and court stakeholders develop through precedential decisions of courts. This is unlike statutes that legislative process bestows upon the judicial systems. Civil law is a legal system that thrives on a codified framework upon individuals can refer to while making legal decisions. …
Common law and economics
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